Europa Capital has completed the sale of Hofgarten Palais, Düsseldorf, to Union Investment Real Estate for €60m (£50m).
The 150,000 sq ft office development was sold by Europa Fund II’s
The company said leasing of the building, located next to the City’s Hofgarten, is progressing with Douglas Cosmetics the latest company to commit to office space.
Erik Ruane, development director at Europa Capital, said, “We are pleased that this transaction has been brought to a successful conclusion and look forward to working with Union in bringing about the lease-up of the remaining 43,000 sq ft.”
Development management of the project has been undertaken by PBG Frankfurt. BNP Paribas Real Estate and Catella Property Advisors acted for the vendor in an advisory capacity.
nathan.cross@estatesgazette.com
To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.
